mortgage rates 30 year fixed mortgage falls to 4.78 pct

mortgage rates 30 year fixed mortgage falls to 4.78 pct. : Fixed mortgage rates dipped this week, with the rate on the 30-year loan staying under 5 percent and the 15-year loan falling below 4 percent.

Freddie Mac says the average rate on the 30-year loan fell to 4.78 percent from 4.80 percent the previous week. It hit a 40-year low of 4.17 percent in November

The average rate on the 15-year fixed mortgage slipped to 3.97 percent from 4.02 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Despite the low rates, housing remains in the doldrums. Four homebuilders reported softer sales in the most recent quarter. A weak economy, strict credit standards and a high number of foreclosures are chasing away buyers. For the latest updates PRESS CTR + D or visit Stock Market news Today

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